Andrew Peel, the head of cryptocurrencies at U.S. investment bank Morgan Stanley (MS), is leaving his current post to start a new crypto investment firm.
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Peel, who held the title Head of Digital Asset Markets at Morgan Stanley, says he plans to launch the new crypto and technology investment firm in Zug, Switzerland. The new venture will reportedly focus on tokenized funds and trading tools that bridge traditional finance and decentralized finance (DeFi).
Peel is a former Credit Suisse trader who joined Morgan Stanley in 2018. In media interviews, he said he plans to begin fundraising soon. His exit comes as Morgan Stanley prepares to launch retail crypto trading on its popular E*TRADE platform.
Crypto Expansion
Under Peel’s direction, Morgan Stanley has been aggressive about expanding into cryptocurrencies. In 2021, the bank started providing Bitcoin fund access to large institutions. Morgan Stanley, and other Wall Street firms, are pushing into crypto amid shifting U.S. policies under President Donald Trump and rising interest from investors.
Morgan Stanley recently reported first-quarter earnings per share (EPS) of $2.60 versus $2.20 that was the consensus estimate of analysts who track the bank’s progress. Revenue in the January through March quarter totaled $17.74 billion, which was ahead of the $16.58 billion expected on Wall Street.
MS stock has risen 5% this year.
Is MS Stock a Buy?
The stock of Morgan Stanley has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on five Buy and 10 Hold recommendations assigned in the last three months. The average MS price target of $133.25 implies 2.19% upside from current levels.
